I think we all need to understand one thing i.e. papers & exp. goes hand in hand. As 10-15 years back "Actuary" was not a boom, so the Grads. students on that time did not clear much exams if you compared to the current scenario.

And the candidates heard the word "Overqualified" from the Recruiter/ HR is just to avoid parity issues in the organisation..

Just to add companies have also faced such challenges, so they are very focused on the papers in the present scenario..

I believe companies do try to not take candidates with too many exams to begin with
Even I've faced that
But I wonder why?
If given a chance & the interview goes well and the candidate is well versed with the exams, I think he should be given a chance to work